Like-for-likes still falling
Stationer and bookseller WHSmith revealed like-for-like sales fell 6 per cent in its first half, but pre-tax profit rose 7 per cent to£59 million, despite a tough Christmas.

At its high street stores, like-for-likes slid 8 per cent, but profits rose to£51 million for the six months to February 28. However, at its travel division, like-for-likes were up 4 per cent and profits climbed to£15 million, in line with company expectations.

The company said it has rolled out 52 WHSmith Travel motorway stores successfully and the Travel business now operates from 262 units, including franchises. The retailer will also open 70 Post Office franchises in its high street stores, following successful trials in six of its outlets.

WHSmith chief executive Kate Swann said: 'We are on track with our plan, delivering another period of strong growth. In the high street, we successfully continued to deliver our strategy to rebuild our authority in our core categories, despite competitive trading in our markets over the Christmas period.

'Our Travel business continued its strong performance and completed the roll-out with leading motorway service operators. We remain cautious about consumer spending in our markets, however we are confident in the outcome for the full year.'

Seymour Pierce analyst Andrew Wade said: 'Despite the falling turnover, WHSmith is continuing to find margin and cost-saving gains and we expect the second half of this year to contribute a touch to the bottom line. WHSmith is a very well-managed business.'

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